Circle submits comment letter on the implementation of the GENIUS Act

Circle announced that it has submitted a comment letter to the U.S. Treasury Department regarding the implementation of the GENIUS Act, emphasizing its recommendations for a comprehensive regulatory framework for stablecoins to ensure consumer protection, fair market competition, and global interoperability. Circle proposed a series of policy principles, including protecting customer funds, achieving interoperability through mutual recognition, ensuring the same rules apply to the same activities, maintaining a balance of competition domestically and internationally, setting clear consequences, and providing contingency plans. It also noted that rulemaking should reinforce Congressional intent, providing clear and robust rules for all issuers accessing the U.S. market, while offering transparent and easily understandable financial products and services to the American people.